While the arrangement may have been lucrative for Bowie, it does not appear to have paid off for investors.

Ratings agency Moody's initially assigned the "Bowie Bond" an investment grade rating, saying it was subject to low risk of default. Moody's said it was the first time it had rated a music royalty deal.

But as online music sharing services turned the industry on its head, the investment soured.

Floral tributes are left beneath a mural of British singer David Bowie, who changed music and business.

Moody's warned that revenue from Bowie's albums was lower than expected due to "weakness in sales for recorded music." It downgraded the bonds to near junk status in March 2004.

Pullman, who once claimed that the bonds were a better investment than U.S. Treasuries, eventually fell out with many of his business partners.

He sued Prudential Insurance, the original backers of the "Bowie Bond," in 2001 for breach of contract and for "unjust enrichment."

Despite changes in the music industry, and decades after investors first snapped up the "Bowie Bond," Pullman remains bullish on the investment.

"The sources of revenue are increasing, even though CD sales are lower," Pullman said. As more of Bowie's songs are used, the more revenue they generate, he said. "And after his death, it's going to increase as well."